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Alternative Market Briefing

U.S. investment advisers turn to capital raising in Europe after AIFMD

Thursday, December 18, 2014

Komfie Manalo, Opalesque Asia:

U.S. investment advisers has turned to capital raising in Europe now that the Alternative Investment Fund Managers Directive (AIFMD) is now enforced, said international law firm Dechert in an article entitled, "Fund Distribution Strategies Under the European AIFMD".

The article, authored by Gus Black and Rachel Fenwick said that the key impact of the AIFMD for U.S. advisers is the prohibition on the active marketing of alternative investment funds (AIFs) to investors in the European Economic Area (EEA), without some form of registration and ongoing compliance requirements.

An AIF is defined broadly to include most kinds of pooled investment vehicles — other than UCITS funds — that raise capital from investors. Subject to very limited exemptions, this will catch most private funds (including hedge, private equity and real estate funds), as well as a wide range of other types of funds, including U.S.-registered mutual funds, they said.

The authors stated, "The quid pro quo for this new regulation is the so called marketing 'passport,’ whereby a fund can be registered once and then be freely marketed throughout the EEA. It has been well rehearsed that U.S. managers cannot directly benefit from this passport, at least not initially. But, in fact, any U.S. manager that w......................

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